The Chinese central government plans to establish a specialised court to deal with financial cases in Beijing.
A meeting of the Central Comprehensively Deepening Reforms Commission (CCDRC) convened on 30 December discussed and approved the “Plan Concerning the Establishment of the Beijing Financial Court” (关于设立北京金融法院的方案).
According to the Commission the establishment of the Beijing Financial Court will be a “major move for servicing and ensuring the implementation of national financial strategy, operating an excellent legal environment for finance, and expediting the healthy development of the economy.”
“Beijing is the financial regulatory centre for the nation, and requires the establishment of a financial court of law from a high starting point with high standards, on the basis of regional functionality and traits.
“[The court] will implement centralised administration of financial cases, drive reform of financial review mechanisms and raise the level of specialization of financial hearings.”
As of September 2020 Beijing was host to over 700 licensed legal person financial institutions, and its financial assets accounted for 45% of the nation’s whole.
Figures from the 2020 Financial Street Forum (2020金融街论坛年会) indicate that in the first half of 2020 Beijing’s financial sector achieved 5.7% growth to reach 343.35 billion yuan.
The added value of Beijing’s financial sector accounted for over 21% of local GDP in the first half of 2020 after reaching 18.5% in 2019, when it made a 28.8% contribution to economic growth.
During the period from 2012 to 2018 the added value of Beijing’s financial sector saw average annual growth of 12%.